Question 2:ABC Company has the following information for the period ended 31December 2020.Direct material purchasedOMR 360000Direct laborOMR 200000|Factory maintenancePower and heat-factoryDirect ExpensesIndirect factory laborFreight InDepreciation - FactoryAdvertisement expensesOMR 29000OMR 1850015 % of the direct labor costOMR 21000OMR 7000OMR 22300OMR 8500Inventories, 1 January 2020:Direct MaterialOMR 41700Work-in-processFinished goodsOMR 50000OMR 75000Purchase returns of direct materialsOMR 7400|Depreciation-administrativeOMR 13800Inventories, 31 December 2020:MaterialOMR 19000Work-in processOMR 32000Finished goods3000 UnitsTotal Production Units35000 unitsFinished goods are valued at the current unit manufacturing cost.You are required to prepare:I. Manufacturing StatementII. Calculate unit production cost.

The manufacturing statement is prepared to find the cost of goods manufactured during the period.

Work-in-process Finished goods OMR 50000 OMR 75000 Purchase returns of direct materials OMR 7400 Depreciation-administrative Inventories, 31 December 2020: OMR 13800 Material OMR 19000 Work-in process OMR 32000 Finished goods 3000 Units Total Production Units 35000 units

Work-in-process Finished goods OMR 50000 OMR 75000 Purchase returns of direct materials OMR 7400 Depreciation-administrative Inventories, 31 December 2020: OMR 13800 Material OMR 19000 Work-in process OMR 32000 Finished goods 3000 Units Total Production Units 35000 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory Accounting

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You are required to prepare: 1- Manufacturing statement 2- calculate unit Production cost
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor OMR 360000 OMR 200000 Factory maintenance Power and heat- factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020. OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: Material Work-in process Finished goods OMR 13800 OMR 19000 OMR 32000 3000 Units Total Production Units 35000 units Tinished goods are valued at the current unit manufacturing cost. You are required to prepare: L. Manufacturing Statement IL Calculate unit production cost.
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